McCaul applauds efforts to convince Saudis and Russians to cut production.
The operations at the Achimov Formation are not subject to sanctions.
The Trump administration is considering a diplomatic push to get Saudi Arabia to close its taps and using the threat of sanctions on Russia to force them to reduce output, the Wall Street Journal reported.
In a letter seen by Reuters, Iraq's oil minister asked OPEC Secretary-General Mohammad Barkindo to help "urgently achieve" extraordinary meetings of the OPEC+ group.
A wounded oil and gas industry enjoys better numbers the day after prices plummeted, but steep debt will likely bring about a wave of M&A, bankruptcies and litigation.
The world's top producers including Saudi Arabia, Russia and other Middle East producers were last locked in a market share war between 2014 and 2016.